- Accountants Can Be Held Liable For Any Misstatements Or Inaccuracies That Occurre While Auditing Or Preparing Financial 1 (133.39 KiB) Viewed 38 times
Accountants can be held liable for any misstatements or inaccuracies that occurre while auditing or preparing financial documents. Discuss the type of professional liability that might be incurred by the accounting entity found in the following scenanos Peter Partner (an accountant) signs a contract to audit the books of Icy Ice Cream LLC a chain of ice cream shops. The CEO of Icy Ice Cream and Peter Partner agreed that the audit would be complete by May 31, one week before a deadline to file the audited documents with the IRS. Mr. Partner missed the filing deadline and icy was fined by the IRS for missing the deadline.